Shiba Inu Price Stumbles After $230M Hack, Traders Turn to Shiba Shootout as Presale Nears $700,000

It’s been a dramatic few days in the meme coin market.

Shiba Inu (SHIB) has plunged following a massive hack at the Indian crypto exchange WazirX.

However, as one Shiba stumbles, another is rising.

Shiba Shootout (SHIBASHOOT) is gaining traction in its limited-time presale phase – and is fast approaching the $700,000 milestone.

Shiba Inu Price Plunges After WazirX Hack

Shiba Inu is taking a beating right now.

The coin’s price has nosedived to $0.0000172, an 8% drop from yesterday and 14% from Tuesday’s local high.

Shiba Inu’s technicals aren’t looking great either.

SHIB dropped below the 50-period exponential moving average (EMA) on the 4-hour chart, suggesting the trend might have flipped bearish.

But strangely, despite the price drop, SHIB’s spot trading volumes are up 206%.

This makes SHIB the 9th most traded crypto in the world.

So, what’s behind the coin’s sudden downturn?

It all seems linked to a major hack at WazirX, an Indian crypto exchange.

The hackers made off with around $230 million in customer funds, including a massive $100 million worth of SHIB.

And the attackers are reportedly offloading their SHIB holdings, putting downward pressure on the coin’s price.

Compounding matters, other Shiba Inu investors are now panic selling.

It’s a negative feedback loop that looks likely to cause further declines.

Wild West Meme Coin Shiba Shootout Nears $700K in Presale

Although Shiba Inu has been taking a hit, another dog-themed coin remains in the green.

Shiba Shootout is closing in on the $700,000 milestone in its presale phase – and the buzz around it is getting louder by the day.

Right now, investors can snag SHIBASHOOT tokens for just $0.0196 each.

However, since Shiba Shootout’s presale is being conducted in stages, this price will jump again in less than five days.

Would-be investors can use ETH, USDT, BNB, or credit/debit card to get involved.

According to Shiba Shootout’s whitepaper, 35% of the supply (770 million tokens) is up for grabs during the presale.

And once the presale is wrapped up, the developers plan to launch SHIBASHOOT on a DEX.

A further 220 million tokens have been set aside to provide liquidity for this DEX launch.

The hype is already growing regarding Shiba Shootout’s prospects.

Over 3,600 people are active in the project’s Telegram channel, and the official Twitter account is also multiplying.

It seems investors are looking for a new Shiba to back – especially given Shiba Inu’s recent troubles.

P2E Game & Cactus Staking Protocol Round Out Shiba Shootout’s Ecosystem

At Shiba Shootout’s core is a Play-to-Earn (P2E) game bringing some cowboy flair to the meme coin market.

This game, Shiba Sharpshooter, is already live on Google Play and the App Store.

Players can duke it out in gun battles, aiming to become the top dog in Shiba Gulch.

And yes – players can earn SHIBASHOOT tokens once the full version has officially launched.

But there’s more to Shiba Shootout’s ecosystem than just this game.

The team has packed in additional features like “Campfire Stories” for sharing crypto tales and “Governance Roundups,” where token holders vote on decisions.

There’s even a “Lucky Lasso Lottery” for those feeling lucky.

Underpinning all of this is a “Cactus Staking” program for SHIBASHOOT.

In this program, SHIBASHOOT holders can receive estimated annual yields of 1,450% by locking up their tokens.

It’s a great way to earn additional income while playing the Shiba Sharpshooter game.

Unsurprisingly, this ecosystem is piquing the interest of some top influencers.

YouTuber ClayBro mentioned SHIBASHOOT in a video released earlier this week, which has been viewed almost 5,000 times.

So, with the hype picking up and the presale hitting new milestones, Shiba Shootout might just be the next meme coin on the rise.

Visit Shiba Shootout Presale